The latest business news in Nigeria, Africa and the world.

Lagos’ IGR Hits N103.4bn In First Quarter Of 2018

The Lagos State Government on Tuesday said its internally generated revenue for the first quarter of Y2018 stood at N103.476 billion, as against N96.7billion recorded in the previous year.

SON Nabs Electric Cable Cloning Syndicate In Alaba Intn’l Market, Lagos

The Standards Organisation of Nigeria (SON), says its Surveillance Investigation and Monitoring (SIM) team has arrested an electric cable cloning and faking syndicate at the Alaba International Market, Lagos.

I Was In UK Not U.S. – Kachikwu Tells Sanusi

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, on Monday refuted reports that he was absent at an intended meeting with investors in the U.S. alongside other ministers.
Saudi King

Saudi King Set To Unveil Largest ‘Entertainment City’

Saudi King Salman bin Abdul Aziz bin Saud will according to authorities, launch the biggest "entertainment city" near Riyadh.

Nigeria’s LPG Sector To Earn $10bn In 8 Years — NLPGA

The Nigeria Liquefied Petroleum Gas Association (NLPGA) has said that the country's LPG sector will experience $10 billion growth in the next eight years. 

FG Planning New Investments In Auto Sector

Nigeria is planning to make more investments in the auto industry via the National Automotive Industry Design and Development Bill.

Google’s Profit Hits $9.4b Amid Data Privacy Concerns

Alphabet (GOOGL), the parent company of Google, reported Monday that its profits hit $9.4 billion in the first three months of 2018, up from $5.4 billion a year earlier.
Lagos trade fair

FIRS Partner SMEDAN To Increase Voluntary Tax Compliance

The FIRS are partnering the Joint tax Board and the Small and Medium Enterprises Development Agency of Nigeria to improve the level of voluntary tax compliance by operators in the Micro, Small and Medium Enterprises sector.

IMF Rolls Out Corruption Policy For Member States

International Monetary Fund has launched a new framework that aims to tackle corruption as well as its impact on the economic growth. 

Iran Bans Banks From Using Cryptocurrencies

Iran on Monday banned the use of cryptocurrencies by banks and financial institutions amid ongoing debate over how best to regulate the technology.

Nigeria’s External Reserves Hit $47.93bn

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on Sunday revealed that the country's foreign reserves has hit US$47.93 billion.

Adeosun, Emefiele Explain Nigeria-US Investment Meeting Absence

Minster of Finance, Kemi Adeosun and CBN Governor Godwin Emefiele, on Sunday offered explanation to why they failed to attend an investment meeting organized by the Nigerian Embassy in Washington.

CAC Reviews Business Registration Guidelines, Scraps Need For Proficiency Certificate

The Corporate Affairs Commission (CAC) says that in furtherance to its reform initiatives, it has reviewed its checklist and guidelines for business registration, scraping need to tender proficiency certificate.

SEC Moves To Counter Increased Companies De-listing On NSE

Worried by increased de-listing on the Nigerian Stock Exchange (NSE), the Securities and Exchange Commission (SEC) on Friday expressed commitment to tackling the issue and ensuring listing of multinationals.

Nigeria’s Debt Under Control Despite Alarm Raised By IMF, Says Adeosun

 In spite of the warning by the International Monetary Fund (IMF) that debt levels in African economies were rising, Minister of Finance, Mrs Kemi Adeosun on Friday said Nigeria’s debt level was still sustainable and under control.
Zenith Bank

Zenith Bank Records N54bn Profit In Q1

Zenith Bank PLC's income grew by by 22.17 per cent to N54bn in the first quarter of the year as compared to N44.2bn made in same period in 2017. 

Gov. Okowa Performs Ground-Breaking Ceremony For Power Plant

Governor Ifeanyi Okowa has done the ground-breaking ceremony for a 400MW combined cycle power plant on Thursday in Ekrokpe/Ekrejegbe, Ughelli South council area. 

Nigeria Loses N2.5bn Annually To Gas Flaring – BudgIT

BudgIT Nigeria, a civic technology organization on Thursday said that Nigeria loses N2.5 billion annually to gas flaring.

Naira Dips Against Dollar At Investors’ Window

The Naira on Wednesday depreciated to N360.16 to the dollar at the investor’s window, losing 70kobo from N360.09 it traded on Tuesday.

Lawmakers Propose N20m Daily Penalty On Non-performing Loans

The House of Representatives is proposing a N20 million daily penalty on banks to curb insider abuse and threat of Non-Performing loans to the financial system stability of Nigeria. 
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